Forex Marketz Daily Forex News – Fully Markets Update
The USD/CAD has been surging higher as of late. The Dollar has now hit its highest price level in six week in this Forex market. For today, near term resistance is lining up at 1.2380. A daily close above this level will challenge the technical resistance at 1.2488. Should the Dollar reverse course and push lower, we have technical support at 1.2270. A break below this support will challenge the technical support at 1.2138.
Trade strategy for today, note that price action is wedged between a support and resistance level. This makes price action unclear suggesting there is no long or short USD trade at this time. Also, on Tuesday, we have significant US Dollar event risk with a number of data being released. The US will release industrial output data as well as home building data. This could pose significant Dollar volatility. Due to these factors I am opting to stand aside and watch my charts for a better trade opportunity to come along.